Tag: Latest Petrol Price

  • Petrol, diesel prices likely to be reduced by more than Rs10 per litre for next fortnight

    Petrol, diesel prices likely to be reduced by more than Rs10 per litre for next fortnight

    The government is expected to cut petrol and diesel prices in less than two days, following a decrease in international oil rates.

    There is a high chance that the petrol price in Pakistan will be reduced by more than Rs10 per litre on September 16, while the diesel price is also expected to be slashed by up to Rs12 per litre for the upcoming fortnight.

    Recent reports also suggest that there is little to no chance the government will consider increasing the petroleum levy because if levy is raised, petrol and diesel prices may witness a very slight decrease of Rs6 per litre or even less.

    The adjustment in petroleum prices will be decided after analysing the economic factors and the latest international oil rates at the time of announcement.

    The price of petrol in Pakistan, according to reliable sources, may drop to Rs247.60 per litre, while diesel is likely to be priced at Rs251.75 after the anticipated cut.

    The final decision regarding the reduction in petrol and diesel prices will be announced tomorrow through an official notification and the revised rates will be effective from September 16.

    Read more: Another record high in three days: Gold price reaches Rs265,900 per tola

  • Petrol price may be reduced by more than Rs10 per litre this week

    Petrol price may be reduced by more than Rs10 per litre this week

    Pakistan may experience a notable drop in fuel prices in the near future, with reductions of up to Rs12 per litre anticipated for various petroleum products, according to industry sources.

    Initial estimates indicate that the price of petrol could fall by more than Rs9 per litre, while high-speed diesel (HSD) might see a decrease of up to Rs8.50 per litre. Kerosene oil is also expected to become more affordable, with potential price cuts exceeding Rs12 per litre.

    The Oil and Gas Regulatory Authority (OGRA) is expected to finalise these pricing adjustments and submit its recommendations to the government by August 15. Finance Minister Muhammad Aurangzeb, in consultation with Prime Minister Shehbaz Sharif, will make the final decision on the new fuel prices.

    If approved, these reductions could offer significant relief to consumers grappling with high inflation and increasing living costs throughout the country. Further updates are anticipated following OGRA’s report submission.

  • Temporary relief ends as govt raises petrol price by Rs7.45 to Rs265.61 per litre

    Temporary relief ends as govt raises petrol price by Rs7.45 to Rs265.61 per litre

    In a significant development, the federal government announced on Sunday an increase in the prices of petrol and high-speed diesel (HSD), effective from July 1, 2024.

    The price of petrol has been raised by Rs7.45, bringing the new rate to Rs265.61 per litre. Meanwhile, the price of HSD has surged by Rs9.56 per litre, setting the new price at Rs277.45.

    This price adjustment follows the previous review in which the government had reduced the petrol price by Rs10.2 per litre and the diesel price by Rs2.33 per litre.

    The latest increase aligns with the government’s earlier projections, which had indicated a potential rise of Rs7.54 per litre for petrol and Rs9.84 per litre for HSD, based on prevailing government taxes and the profit margins for oil marketing companies (OMCs).

  • Govt expected to reduce petrol price again for second half of June

    Govt expected to reduce petrol price again for second half of June

    The government is expected to reduce petrol price by an additional Rs9 per liter for the latter half of June 2024, offering some relief to the public amidst soaring inflation.

    This anticipated reduction marks the fourth consecutive decrease, accumulating to a total relief of over Rs34 per litre.

    In tandem with the petrol price cut, the government is also likely to lower the price of high-speed diesel (HSD) by approximately Rs5 per liter, reflecting the downturn in international market prices.

    It is important to highlight that one more session remains before the final pricing update, which means that the exact figures will depend on fluctuations in global markets and the prevailing exchange rate.

    The new prices will be officially announced at midnight on 15th June 2024 and will be effective for the subsequent 15 days.

    In the most recent fortnightly adjustment, the government had reduced petrol and HSD prices for the third consecutive time by Rs4.74 and Rs3.86 respectively, bringing their prices to Rs268.36 and Rs270.22 per liter.

    This series of price reductions aims to provide some economic respite to consumers amid a challenging economic environment.

  • Clarification issued: Petrol price reduced by Rs4.74 per litre, not Rs15.39

    Clarification issued: Petrol price reduced by Rs4.74 per litre, not Rs15.39

    The Ministry of Finance has announced a reduction in fuel prices, decreasing petrol by Rs4.74 per litre and high-speed diesel (HSD) by Rs3.86 per litre. This announcement followed initial confusion regarding the extent of the cuts.

    The confusion arose after PTV reported that Prime Minister Shehbaz Sharif had directed a more substantial reduction of Rs15.4 per litre for petrol and Rs7.9 per litre for diesel for the upcoming fortnight.

    This premature report was posted on PTV’s official X account but was later retracted.

    The Prime Minister’s Office soon issued a clarification, stating that the figures reported by PTV were outdated and pertained to the previous month’s adjustments. Following this clarification, the Finance Ministry released its fortnightly notification confirming the new, more modest reductions.

    PTV had claimed that the government’s “people-friendly policies” had brought economic stability and achieved a noticeable reduction in inflation.

    Initially, it was expected that the prices of petrol and HSD would decrease by approximately Rs6.5 to Rs7.5 per litre on May 31, despite a slight exchange rate loss due to a bearish trend in the international market.

  • Govt expected to slash petrol price by over Rs5 per litre

    Govt expected to slash petrol price by over Rs5 per litre

    In a significant move to alleviate the burden of soaring inflation, the government is anticipated to reduce petrol prices by Rs5.3 per litre for the first half of June 2024.

    This expected decrease aligns with the recent decline in international petroleum prices, offering much-needed relief to the public.

    As of May 28, 2024, international price trends have shown a decrease, resulting in the ex-refinery price of petrol dropping to approximately Rs184.59 per litre from Rs189.86 per litre in the previous two weeks. This forthcoming reduction will mark the third consecutive cut in fuel prices, accumulating a total decrease of over Rs26 per litre.

    In addition to petrol, the price of high-speed diesel (HSD) is also expected to fall by around Rs4.1 per litre, reflecting a similar downward trend in its international price. This follows the recent reduction in diesel prices, where a second consecutive cut saw a drop of Rs7.88, bringing the price to Rs274.08 per litre.

    However, it is crucial to note that three more trading sessions remain before the final pricing update, meaning the ultimate prices could still be influenced by fluctuations in global markets and exchange rates.

    The government will announce the new fuel prices at midnight on May 31, 2024, which will then be effective for the first half of June. This development is poised to offer substantial financial relief to consumers, amidst one of the highest inflation rates in Asia.

  • Govt may reduce petrol price by over Rs12 per litre this week

    Govt may reduce petrol price by over Rs12 per litre this week

    The government is poised to enact a significant reduction in petrol prices by approximately Rs12.8 per litre for the latter half of May 2024, aligning with the downward trend in international prices.

    According to price estimates until May 13, 2024 (Monday), global petroleum product prices have experienced a notable decline compared to the previous fortnight.

    This reduction will be in addition to the Rs5.45 decrease implemented in the preceding fortnight, when the government adjusted the price to Rs288.49 per litre.

    Furthermore, there is an expectation that the government will also lower the price of high-speed diesel (HSD) by approximately Rs8.3 per litre due to a corresponding decline in its international price.

    In the previous fortnight, the government had reduced the price of High-Speed Diesel (HSD) by Rs8.42 to Rs281.96 per litre.

    Despite fluctuations in global markets, the local currency has maintained relative stability against the USD since the last pricing adjustment, with a weighted average rate hovering around PKR 278.2 per USD.

    It’s noteworthy that three pricing sessions remain before the next update, indicating that the final prices will be contingent on further global market movements and the exchange rate.

    The government is scheduled to unveil the new prices at midnight on May 15, 2024, and these adjustments will remain effective for the second half of May.

  • Slight relief for consumers: Petrol price dropped by Rs2.04 per litre

    Slight relief for consumers: Petrol price dropped by Rs2.04 per litre

    The government announced a reduction in the prices of petrol and high-speed diesel (HSD) by Rs2.04 and Rs6.47 per litre, respectively, for the upcoming fortnight.

    According to a notification from the Ministry of Finance, the revised prices for petrol and HSD now stand at Rs281.34 and Rs296.71.

    Simultaneously, there was a decrease in the prices of kerosene oil and light-diesel oil by Rs6.05 and Rs9.01 per litre, bringing their new prices to Rs204.98 and Rs180.45, respectively.

    Prior to this decision, officials had anticipated a more substantial decline in the prices of petrol and HSD, ranging from Rs8 to Rs10 per litre.
    This projection was primarily based on the recent drop in international prices.

    However, despite the decrease in global prices for both HSD and petrol over the past two weeks, the rupee experienced depreciation against the dollar in the same period, mitigating the benefit of lower international prices for consumers.

    According to officials, the international prices indicated a reduction of about $9 per barrel on average for HSD, decreasing from approximately $113 to $104 during the week.

    Similarly, the price of petrol saw a decline of one dollar, moving from $91 to $90. Conversely, the rupee depreciated by Rs6 against the dollar, falling from Rs280 to Rs286.

  • Petrol price in Pakistan slashed by Rs40 to Rs283.38 per litre

    Petrol price in Pakistan slashed by Rs40 to Rs283.38 per litre

    In a move to ease the burden on masses dealing with high inflation, the caretaker government has decided to lower the cost of petrol by Rs40 per litre and high-speed diesel (HSD) by Rs15 for the next two weeks. 

    The new per litre rates are set at Rs283.38 for petrol and Rs303.18 for diesel. 

    This change comes as a response to fluctuations in international fuel prices and an improved exchange rate, leading the government to adjust consumer prices for petroleum products. 

    For the second time in a row, the interim government is taking steps to lower petroleum prices, following three consecutive bi-weekly increases.

    In the previous adjustment, petrol saw a reduction of Rs8 per litre, while high-speed diesel decreased by Rs11 per litre.

    Between August 15 and September 15, the prices of petrol and high-speed diesel had surged by Rs58.43 and Rs55.83 per litre, reaching historic highs at retail of Rs331-333 per litre.

    Earlier this week, it was anticipated that the prices of HSD and petrol would dip below Rs300 per litre in the upcoming review, thanks to a significant decline in global oil rates and the strengthening of the rupee.

  • Petrol price increased to historic high of Rs305.36 per litre

    Petrol price increased to historic high of Rs305.36 per litre

    For the first time in Pakistan’s history, the price of petrol has crossed the Rs300 mark due to a recent hike of Rs14.91. This brings the new petrol price to Rs305.36 per litre. The diesel price has also increased by Rs18.44, now at Rs311.84 per litre.

    The government has attributed these revisions to the upward trajectory of global petroleum prices and the consequential fluctuations in exchange rates.

    A statement issued by the finance ministry highlights that due to the escalating trend of petroleum prices in the international market and the subsequent shifts in exchange rates, the Government has opted to recalibrate the prevailing consumer prices of petroleum products.

    In the days ahead, the effects of these significantly heightened petrol and diesel prices will become evident. These price fluctuations are poised to have a substantial impact on individuals who rely on personal vehicles, such as bikes and cars, as well as those who depend on public transportation services.